Pacific Life Insurance Company Provides $74 Million Construction Loan For The Cove In Fort Lauderdale

The asset involved in the transaction is a development site located at 1055 North Federal Highway, Fort Lauderdale, FL. Affiliated Development secured a construction loan amounting to $74,000,000 from Pacific Life Insurance Company for the development. The Cove project will include 374 units, with more than half of the apartments allocated for households earning up to 120% of the area median income. This development is set to replace the former Clarion Inn and The Link hotel site, and the project is supported by public tax rebates and private equity, with construction slated to commence immediately.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $74,000,000
• Lender: Pacific Life Insurance Company
• Landlord: Nick Rojo & Jeff Burns - Affiliated Development
• Market: Fort Lauderdale, FL
• Asset Details: 374-unit mixed-use, mixed-income multifamily project
• Project Note: More than half the units reserved for households earning up to 120% of the area median income

Key individuals involved in the deal include Nick Rojo and Jeff Burns, who represent Affiliated Development. They are responsible for overseeing the project development and securing the financing necessary to commence construction on The Cove, enhancing the multifamily housing landscape in Fort Lauderdale.